How can machine learning technology maximise the success of marketing?

Machine learning technologies are constantly evolving before our eyes and continue to play an even bigger part in our everyday lives as technology continues to develop. Due to this rapid development in machine learning, we’re seeing drastic changes within the marketing world as more and more businesses are incorporating machine learning into their marketing activities in order to succeed. Some of the ways in which machine learning can assist marketers include; predicting customer behaviour, achieving customer service satisfaction and segmenting their customers.

Customer turnover or customer churn is important for a business as it shows the number of customers that end their relationship with a business which could be highlighted through a churn rate which shows the rate at which people cancel a service or unsubscribe as a member. This is vital to know as this could give businesses a brief idea as to what they could potentially be doing wrong and what they could be doing more or less of to avoid further loss of customers. In order for a company to have constant growth, the number of new customers they receive must be higher than the churn rate as it shows that the company is still on an upward trajectory in terms of customer gain. Some other ways as to how churn rate is measured can be through checking when an individual last logged into to their profile when their last purchase was, and when was the last time clicked on a product.

Chatbots are also quickly becoming a prominent feature on the homepages of websites and according to studies, 63% of customers are more likely to return to a site if they offered a live chat feature to visitors as they provide a positive customer service experience majority of visitors to a site get their questions answered immediately. Chatbots have the ability to keep visitors on the page for longer and are able to minimize the waiting time for customers who might be trying to get a hold of a customer service representative. This customer satisfaction with chatbots is emphasised through a study which states that chatbots have 92% customer satisfaction rate with 79% of customers saying they prefer live chat because of the immediacy it provides which further reinforces the notion of machine learning being a key to success for marketing.

Lastly, segmenting customers is important as businesses must know who exactly they’re targeting whether it be through demographics or behaviour. With the use of machine learning software’s such as Affinio, businesses are able to learn about their customers based on their interests, age and sex. Through this, a business will be able to target each segment in a more specific manner in an effort to form a stronger connection.